Profits were positive in 9 years (at least 8 needed).
- 9y median
- EUR 376M
- Worst year
- EUR 232M
- Latest · 2025
- EUR 835M
# Vienna Insurance Group AG (VIG.VI) Canonical: https://gigainvestors.com/s/VIG.VI Analysis as of: 2026-10-16T07:36:04.795Z. Financial observations: FY2017–FY2025. Listing currency: EUR. Reporting currency: EUR. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: EUR 69.20 per share; close as of 2026-10-15. Estimated value: low EUR 43.38 per share, central EUR 54.23 per share, high EUR 72.31 per share. Buy at or below the central value EUR 54.23 per share. Valuation as of 2026-10-16T07:36:04.795Z; scenarios are not confidence intervals. Expected annual return: 9.1% at the stated quote. About 9.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points). ## Checklist ### understandable: pass - Financial history: 9 years - Profitable years in the last ten: 9 - Required profitable years: 8 - Return on common equity variation (informational): 0.30× Chart: Net income; fiscal year observations. - FY2017: EUR 286M - FY2018: EUR 261M - FY2019: EUR 331M - FY2020: EUR 232M - FY2021: EUR 376M - FY2022: EUR 458M - FY2023: EUR 559M - FY2024: EUR 626M - FY2025: EUR 835M ### moat: fail - Common book per share - Parent-total proxy for preferred equity and common earnings - median return on common equity below threshold - Bank / P&C ROTE, median of available years: 6.9% - Required median return: 10.0% - Return uses tangible common equity: No - Bank ROTE, second-lowest year: 5.7% - Years with reported combined ratio: 0 Chart: Return on common equity; fiscal year observations. - FY2017: 5.9% - FY2018: 5.7% - FY2019: 6.5% - FY2020: 4.5% - FY2021: 6.9% - FY2022: 10.9% - FY2023: 9.4% - FY2024: 9.8% - FY2025: 11.6% ### economics: pass - Common book per share - Parent-total proxy for preferred equity and common earnings - Book value per share + reinvested dividends, annualized return: 8.2% - Book return interval: 8 years - Starting book value per share: EUR 37.75 - Ending book value per share: EUR 56.02 Chart: Annual book + dividend return; fiscal year observations. - FY2018: -3.2% - FY2019: 14.6% - FY2020: 4.6% - FY2021: 8.0% - FY2022: -19.4% - FY2023: 45.5% - FY2024: 10.9% - FY2025: 15.3% ### management: pass - Common book per share - Parent-total proxy for preferred equity and common earnings - Diluted shares, 10-year annual growth: 0.0% - Diluted shares, 5-year annual growth: 0.0% - Share growth excluding flagged crisis recapitalisations: 0.0% - Five-year share growth excluding flagged crisis recapitalisations: 0.0% - Flagged crisis recapitalisations: 0 - Book created / earnings retained after dividends and buybacks: 1.08× - Book value created per share: EUR 18.27 - Earnings retained per share after dividends and buybacks: EUR 16.93 Chart: Shares (first year = 100); fiscal year observations. - FY2017: 100 - FY2018: 100 - FY2019: 100 - FY2020: 100 - FY2021: 100 - FY2022: 100 - FY2023: 100 - FY2024: 100 - FY2025: 100 ### accounting: pass - Financial accounting warning count: 0 - Known restatement years: 0 ## Holders ## Price story The price assumes profits grow 6.9% a year forever · net income +33.3% Story as of 2026-10-16T10:00:06.723Z; price observation 2026-10-15. The price assumes profits grow 6.9% a year forever ### Net income · FY2025 net income +33.3%; source https://filings.xbrl.org/549300JCRU23I1THU176/2025-12-31/ESEF/AT/0/549300JCRU23I1THU176-2025-12-31-1-en/reports/549300JCRU23I1THU176-2025-12-31-1-en.xhtml; observed 2026-04-29. - FY2017: EUR 286M - FY2018: EUR 261M - FY2019: EUR 331M - FY2020: EUR 232M - FY2021: EUR 376M - FY2022: EUR 458M - FY2023: EUR 559M - FY2024: EUR 626M - FY2025: EUR 835M ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in insurance diversified; annual sales are EUR 14.8 billion. - Source: https://eodhd.com/api/fundamentals/VIG.VI.json#2025-12-31 (filed 2026-04-29); FY2025: revenue 14781083000. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIG.VI: Vienna Insurance Group AG, together with its subsidiaries, engages in providing insurance products and services in Austria and internationally. The company provides life; health; and property and casualty insurance products, such as medical expense, income protection, worker's compensation, motor vehicle liability, motor own damage, other motor, marine, aviation, transport, fire and other damage to property, general liability, credit and suretyship, legal expenses, assistance, and miscellaneous financial losses insurance. It offers reinsurance products and services, such as Issued and held Treaty reinsurance. It sells its products through direct sales, banks, brokers, and agents. The company was founded in 1824 and is based in Vienna, Austria. Vienna Insurance Group AG is a subsidiary of Wiener Städtische Wechselseitige Versicherungsverein - Vermögensverwaltung - Vienna Insurance Group. ### Why customers stay It earns 6.9% on shareholders’ money, excluding intangible assets. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 9-year return on tangible equity observations [[2017,0.05912962532577016],[2018,0.05731183010872192],[2019,0.06528765415991836],[2020,0.04484306583057285],[2021,0.06858618415444295],[2022,0.10854393563389506],[2023,0.09377972144530886],[2024,0.09768046197366914],[2025,0.11642487312532841]]; median 0.06858618415444295. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 10 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,99357000],[2017,114281000],[2018,139722000],[2019,128000000],[2020,147200000],[2021,96000000],[2022,193979000],[2023,185708000],[2024,199849000],[2025,222372000]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 72% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIG.VI SharesStats.PercentInsiders = 72 percentage points; cache date 2026-10-16. ### What the price says The price assumes profits grow 6.9% a year forever. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Price 69.2; FX 1; original perpetual distributable cash 2.1691731315092833; discount 0.1; growth 0.06865356746373869. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15. ## Monthly share-price history (EUR per share) - 2016-10: EUR 17.97 per share - 2016-11: EUR 19.21 per share - 2016-12: EUR 21.40 per share - 2017-01: EUR 22.52 per share - 2017-02: EUR 22.70 per share - 2017-03: EUR 22.68 per share - 2017-04: EUR 23.81 per share - 2017-05: EUR 24.45 per share - 2017-06: EUR 24.70 per share - 2017-07: EUR 25.48 per share - 2017-08: EUR 24.80 per share - 2017-09: EUR 25.01 per share - 2017-10: EUR 25.17 per share - 2017-11: EUR 24.75 per share - 2017-12: EUR 25.77 per share - 2018-01: EUR 28.54 per share - 2018-02: EUR 27.36 per share - 2018-03: EUR 27.18 per share - 2018-04: EUR 26.98 per share - 2018-05: EUR 24.58 per share - 2018-06: EUR 23.36 per share - 2018-07: EUR 24.34 per share - 2018-08: EUR 23.48 per share - 2018-09: EUR 24.58 per share - 2018-10: EUR 23.50 per share - 2018-11: EUR 22.72 per share - 2018-12: EUR 20.28 per share - 2019-01: EUR 21.18 per share - 2019-02: EUR 21.20 per share - 2019-03: EUR 22.90 per share - 2019-04: EUR 24.80 per share - 2019-05: EUR 21.90 per share - 2019-06: EUR 22.55 per share - 2019-07: EUR 23.20 per share - 2019-08: EUR 22.40 per share - 2019-09: EUR 23.90 per share - 2019-10: EUR 24.30 per share - 2019-11: EUR 25.10 per share - 2019-12: EUR 25.40 per share - 2020-01: EUR 24.40 per share - 2020-02: EUR 22.00 per share - 2020-03: EUR 17.14 per share - 2020-04: EUR 18.38 per share - 2020-05: EUR 18.90 per share - 2020-06: EUR 19.90 per share - 2020-07: EUR 18.80 per share - 2020-08: EUR 20.50 per share - 2020-09: EUR 18.98 per share - 2020-10: EUR 17.42 per share - 2020-11: EUR 19.98 per share - 2020-12: EUR 20.80 per share - 2021-01: EUR 21.10 per share - 2021-02: EUR 22.25 per share - 2021-03: EUR 22.10 per share - 2021-04: EUR 22.30 per share - 2021-05: EUR 23.15 per share - 2021-06: EUR 23.15 per share - 2021-07: EUR 23.25 per share - 2021-08: EUR 24.55 per share - 2021-09: EUR 24.90 per share - 2021-10: EUR 25.25 per share - 2021-11: EUR 24.50 per share - 2021-12: EUR 24.90 per share - 2022-01: EUR 25.95 per share - 2022-02: EUR 23.40 per share - 2022-03: EUR 23.45 per share - 2022-04: EUR 23.65 per share - 2022-05: EUR 22.40 per share - 2022-06: EUR 21.80 per share - 2022-07: EUR 22.40 per share - 2022-08: EUR 23.65 per share - 2022-09: EUR 20.90 per share - 2022-10: EUR 22.65 per share - 2022-11: EUR 22.30 per share - 2022-12: EUR 22.35 per share - 2023-01: EUR 24.95 per share - 2023-02: EUR 26.45 per share - 2023-03: EUR 24.75 per share - 2023-04: EUR 26.65 per share - 2023-05: EUR 24.30 per share - 2023-06: EUR 23.95 per share - 2023-07: EUR 24.30 per share - 2023-08: EUR 24.75 per share - 2023-09: EUR 26.40 per share - 2023-10: EUR 25.35 per share - 2023-11: EUR 26.25 per share - 2023-12: EUR 26.50 per share - 2024-01: EUR 26.25 per share - 2024-02: EUR 26.85 per share - 2024-03: EUR 28.90 per share - 2024-04: EUR 29.25 per share - 2024-05: EUR 29.50 per share - 2024-06: EUR 30.50 per share - 2024-07: EUR 29.75 per share - 2024-08: EUR 31.15 per share - 2024-09: EUR 29.85 per share - 2024-10: EUR 29.25 per share - 2024-11: EUR 29.05 per share - 2024-12: EUR 30.35 per share - 2025-01: EUR 32.35 per share - 2025-02: EUR 36.15 per share - 2025-03: EUR 40.65 per share - 2025-04: EUR 41.90 per share - 2025-05: EUR 43.20 per share - 2025-06: EUR 43.70 per share - 2025-07: EUR 46.35 per share - 2025-08: EUR 44.30 per share - 2025-09: EUR 46.85 per share - 2025-10: EUR 44.50 per share - 2025-11: EUR 49.35 per share - 2025-12: EUR 67.20 per share - 2026-01: EUR 66.30 per share - 2026-02: EUR 65.90 per share - 2026-03: EUR 61.40 per share - 2026-04: EUR 64.00 per share - 2026-05: EUR 63.10 per share - 2026-06: EUR 64.40 per share - 2026-07: EUR 70.90 per share - 2026-08: EUR 72.20 per share - 2026-09: EUR 65.40 per share - 2026-10: EUR 66.40 per share ## Annual estimated value (EUR per share) - FY2020: low EUR 23.57 per share, central EUR 29.46 per share, high EUR 39.29 per share - FY2021: low EUR 25.65 per share, central EUR 32.07 per share, high EUR 42.76 per share - FY2022: low EUR 14.70 per share, central EUR 18.38 per share, high EUR 24.50 per share - FY2023: low EUR 27.49 per share, central EUR 34.37 per share, high EUR 45.82 per share - FY2024: low EUR 31.36 per share, central EUR 39.20 per share, high EUR 52.26 per share - FY2025: low EUR 41.34 per share, central EUR 51.68 per share, high EUR 68.90 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:41:48.265Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original ESEF filing](https://filings.xbrl.org/549300JCRU23I1THU176/2025-12-31/ESEF/AT/0/549300JCRU23I1THU176-2025-12-31-1-en/reports/549300JCRU23I1THU176-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-29. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
VIG · VI
ATX
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
Profits were positive in 9 years (at least 8 needed).
Earned a median 6.9% on equity (minimum 10%).
Book value plus dividends grew 8.2% a year (minimum 7%).
Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).
0 accounting warnings were found (none allowed).
Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 5.26 EUR.
| Value range | EUR 43.38 – EUR 72.31 |
|---|---|
| Buy at or below | Central value EUR 54.23 |
| Discount to value | 1 − 69.20 / 54.23 = -27.6% |
| Return / year | About 9.1% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Book EUR 43.23/share; ROE 11.0%; first payout EUR 2.17/share, growing 6.0% perpetually (4× book payout cap applied). |
| Required return | 10.0% / year, earned by construction at the central value |